Kamvol
OJSC Kamvol
UNP: 100074393 · 176 Mayakovskogo St., Minsk
Identification
Financial statements
k BYN
| Line item | Reporting year | Prior year |
|---|---|---|
| Fixed assets | 520 119 | 488 926 |
| Intangible assets | 77 | 85 |
| Income-bearing investments in tangible assets | 3 | 2 |
| Investments in long-term assets | 2 172 | 14 403 |
| Long-term financial investments | 100 | 100 |
| Long-term receivables | — | — |
| Total Section I (long-term assets) | 529 451 | 509 052 |
| Inventories | 35 369 | 31 212 |
| — materials | 9 272 | 9 396 |
| — work in progress | 4 423 | 5 053 |
| — finished goods and merchandise | 21 313 | 16 496 |
| — goods shipped | 361 | 267 |
| Deferred expenses | 84 | 3 105 |
| VAT on acquired goods, works, services | 35 | 2 |
| Short-term receivables | 18 085 | 12 905 |
| Short-term financial investments | — | — |
| Cash and cash equivalents | 987 | 2 750 |
| Other short-term assets | 10 | 10 |
| Total Section II (short-term assets) | 56 712 | 50 834 |
| BALANCE (assets) | 586 163 | 559 886 |
| Charter capital | 10 092 | 10 092 |
| Reserve capital | 126 | 126 |
| Additional capital | 172 901 | 141 109 |
| Retained earnings (uncovered loss) | 25 086 | 18 584 |
| Total Section III (equity) | 208 205 | 169 911 |
| Long-term loans and borrowings | 194 319 | 198 897 |
| Long-term lease liabilities | — | — |
| Deferred income | 124 890 | 124 605 |
| Total Section IV (long-term liabilities) | 326 367 | 329 042 |
| Short-term loans and borrowings | 2 509 | 4 563 |
| Current portion of long-term liabilities | 20 916 | 22 185 |
| Short-term payables | 28 122 | 20 336 |
| — to suppliers, contractors, providers | 5 215 | 2 997 |
| — on payroll | 1 094 | 863 |
| — on lease payments | — | — |
| Total Section V (short-term liabilities) | 51 591 | 60 933 |
| BALANCE (equity and liabilities) | 586 163 | 559 886 |
Computed metrics
Integrity checks
Checks passed: 4 of 6
Failed checks indicate gaps or inconsistencies in the source filing itself (typically in form F4, the cash-flow statement), not data-entry errors. The balance sheet (assets = liabilities) reconciles for every enterprise.
Signals
- Negative operating cash flow: current-activity result −1,767k BYN on revenue of 48,216k (sharply improved from −13,584 a year earlier, but still negative).F4.040 · F2.010
- No own working capital: provision ratio −5.665 — long-term assets of 529,451k BYN against equity of 208,205; working capital is financed entirely by borrowed funds.F1.490 · F1.190 · F1.290
- High credit load: long-term loans and borrowings of 194,319k BYN — 93% of equity; the short-term portion of debt due is 20,916k.F1.510 · F1.620 · F1.490
- Liquidity at the lower bound: current ratio 1.099 — current assets barely cover short-term liabilities; cash holdings are 987k BYN.F1.290 · F1.690 · F1.270
- Revenue stagnation: 48,216k BYN versus 48,372 a year earlier (−0.3% in nominal terms).F2.010
- Thin real equity: additional (revaluation) capital of 172,901k BYN is 83% of equity of 208,205; excluding revaluation, real equity is 35,304k (authorized 10,092 + reserve 126 + retained earnings 25,086).F1.450 · F1.490 · F1.410 · F1.440 · F1.460
- Low cash conversion of revenue: receipts from customers of 33,202k BYN against revenue of 48,216k.F4.021 · F2.010
- Profitability turnaround: net profit grew from 296 to 6,644k BYN (×22); net margin of 13.78% versus 0.61%.F2.210 · F2.010
- Rising sales profitability: profit from sales of 6,188k BYN versus 2,571; margin of 12.83% versus 5.32%.F2.060 · F2.010
- Lower cost of sales on stable revenue: cost of sales of 32,642k BYN versus 36,133; gross profit grew to 15,574k.F2.020 · F2.030
- Declining credit load: total loan debt −3.26% over the year (196,828 versus 203,460k BYN); interest paid fell from 1,895 to 286k.F1.510 · F1.610 · F4.093
Recommendation
This light-industry enterprise (manufacture of woollen fabrics) with near-full state participation shows a dual picture.
Recommendation: Restructuring — while preserving the operationally viable core. This points not to readiness for sale but to a need for structural remediation: debt relief, normalization of working capital and review of owner withdrawals.
Why restructuring. On the operating side 2025 is a year of marked turnaround: net profit grew 22× (from 296 to 6,644k), sales profitability rose to 12.83%, cost of sales was reduced with stable revenue, and operating cash flow, while still negative (−1,767k), improved manifold. On the structural side the position is difficult: the current liquidity ratio of 1.099 is below the norm, the credit load is high (an investment loan under state guarantees of 194,319k), and equity is almost entirely formed by asset revaluation — real capital is thin relative to the balance sheet. The decisive factor against privatization: in the reporting year 120,248k was withdrawn from the enterprise as a share of profit in favour of the state owner — a sum 18 times the annual net profit, while there is simultaneously a shortage of working capital for raw-material purchases.
Confidence: MEDIUM. 4 of the 6 cross-form consistency checks pass; two were not computed.